The spin off of Intracom's real estate arm was approved
The demerger agreement is subject to the General Meeting of the Company's shareholders.
"INTRACOM HOLDINGS COMPANY" announced the approval of a spin off agreement. According to the agreement the real estate arm of the firm will be spun off and there will be established a new entity.
In particular, during the meeting of its Board of Directors on November 17, 2022, the Draft Demerger Agreement of the Company was approved with the separation of the real estate sector that belongs to the Demerged Company by full ownership, jurisdiction and possession, as well as the properties that the Demerged Company has leased under financial leasing contract of Law 1665/1986 and their contribution to a new company.
In particular, the Demerger will concern the separation of the Branch whose assets and liabilities are included in the Transformation Balance Sheet of 30.09.2022.
All operations and transactions that will be carried out by the Demerger and which will concern the Branch from 01.10.2022, i.e. the day after the Transformation Balance Sheet, on the basis of which the Demerger takes place and until the date of completion of the Demerger and the establishment of the Beneficiary, will be considered from an accounting point of view to be made in the name and on behalf of the Beneficiary.
The demerger agreement is subjected to the legally required approvals from the General Meeting of the Company's shareholders and of all other necessary approvals.